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Kinder Morgan, Inc. said it has reached a final investment decision with Phillips 66 and HF Sinclair on the Western Gateway Pipeline project. The stock edges higher on the day, trading at $31.66.
Phillips 66, Kinder Morgan, Inc. and HF Sinclair have jointly approved a final investment decision for the Western Gateway Pipeline project. The update was issued directly by the company. Kinder Morgan operates in the oil and gas midstream sector and has a market value of roughly $68.69 billion on trailing revenue of $17.95 billion.
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Price is sitting right at support from the prior weekly high at $31.64. The daily structure is split, with shares of Kinder Morgan trading below the MA-20 and MA-50 but above the MA-200. CCI at -94.4 is nearing oversold territory, marking an early sign that the recent decline could be getting stretched.
Traders should watch for confirmation in price action to determine if the event is being worked into the market. Shares have pushed through the weekly high at $31.64 and are establishing a new high for the week. Even so, the recent move has been contained within a narrow range over the past week, while over the next five trading days the probability of upside is 39% and downside is 61%, with shares expected to trade between $31.27 and $32.04. A close above $31.92 would show buyers are willing to follow through, while a drop below $31.64 would suggest the move is being faded. On the weekly chart the longer-term picture stays constructive.
Earlier, analysts noted that Kinder Morgan was exhibiting bullish technical momentum, with positive indicators suggesting potential for further gains. The latest decision on the Western Gateway Pipeline project adds a fresh catalyst, but with near-term direction still uncertain, traders should focus on whether shares can sustain a close above $31.92 to signal renewed upward momentum.